State of Michigan Retirement System Purchases 200 Shares of Chord Energy Co. (NASDAQ:CHRD)

State of Michigan Retirement System raised its position in shares of Chord Energy Co. (NASDAQ:CHRD) by 2.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,100 shares of the company’s stock after purchasing an additional 200 shares during the period. State of Michigan Retirement System’s holdings in Chord Energy were worth $1,800,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Xponance Inc. increased its holdings in shares of Chord Energy by 1.3% in the 4th quarter. Xponance Inc. now owns 6,070 shares of the company’s stock valued at $1,009,000 after acquiring an additional 77 shares during the period. Contravisory Investment Management Inc. increased its holdings in shares of Chord Energy by 48.9% in the 4th quarter. Contravisory Investment Management Inc. now owns 259 shares of the company’s stock valued at $43,000 after acquiring an additional 85 shares during the period. Viking Fund Management LLC increased its holdings in shares of Chord Energy by 40.0% in the 4th quarter. Viking Fund Management LLC now owns 350 shares of the company’s stock valued at $58,000 after acquiring an additional 100 shares during the period. Lindbrook Capital LLC increased its holdings in shares of Chord Energy by 67.6% in the 4th quarter. Lindbrook Capital LLC now owns 305 shares of the company’s stock valued at $51,000 after acquiring an additional 123 shares during the period. Finally, Miller Howard Investments Inc. NY increased its holdings in shares of Chord Energy by 0.6% in the 4th quarter. Miller Howard Investments Inc. NY now owns 27,558 shares of the company’s stock valued at $4,581,000 after acquiring an additional 166 shares during the period. 97.76% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

CHRD has been the topic of a number of analyst reports. Citigroup initiated coverage on Chord Energy in a report on Monday. They issued a “buy” rating and a $195.00 price target on the stock. Mizuho boosted their target price on Chord Energy from $195.00 to $214.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Truist Financial dropped their target price on Chord Energy from $228.00 to $226.00 and set a “buy” rating on the stock in a research note on Monday, June 3rd. Bank of America restated a “buy” rating and set a $201.00 target price on shares of Chord Energy in a research note on Friday, June 14th. Finally, Piper Sandler boosted their target price on Chord Energy from $231.00 to $233.00 and gave the stock an “overweight” rating in a research note on Friday, May 24th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $205.00.

Chord Energy Stock Up 1.6 %

Chord Energy stock opened at $173.62 on Friday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.07 and a current ratio of 1.14. The business’s 50-day simple moving average is $174.72 and its two-hundred day simple moving average is $169.22. The company has a market cap of $7.24 billion, a PE ratio of 8.15, a PEG ratio of 0.90 and a beta of 1.01. Chord Energy Co. has a fifty-two week low of $145.06 and a fifty-two week high of $190.23.

Chord Energy (NASDAQ:CHRD) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $5.10 earnings per share for the quarter, beating the consensus estimate of $4.75 by $0.35. The business had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $771.87 million. Chord Energy had a return on equity of 16.57% and a net margin of 22.67%. The company’s quarterly revenue was up 24.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.50 EPS. Equities analysts anticipate that Chord Energy Co. will post 22.27 EPS for the current year.

Chord Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd were issued a $2.94 dividend. The ex-dividend date of this dividend was Tuesday, May 21st. This represents a $11.76 annualized dividend and a dividend yield of 6.77%. Chord Energy’s dividend payout ratio (DPR) is presently 23.46%.

About Chord Energy

Chord Energy Corporation operates as an independent exploration and production company in the United States. It acquires, explores, develops, and produces crude oil, natural gas, and natural gas liquids in the Williston Basin. The company sells its products to refiners, marketers, and other purchasers that have access to nearby pipeline and rail facilities.